EFTA00196574

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td>FINANCIAL TRUST COMPANY INC</td></tr><tr><td>C/O AMERICAN YACHT HARBOR *</td></tr><tr><td>6100 RED HOOK SUITE B-3</td></tr><tr><td>QUARTERS #2</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

STATEMENT PERIOD October 26, 2002

## Your Portfolio at a Glance

FINANCIAL TRUST COMPANY INC

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH November 29, 2002

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>10,518,364</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,474,539</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>21,810,561</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$33,803,464</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>13,271,434</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>20,532,031</td></tr></table>

Market Value of Your Portfolio

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

SIPC

This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for your records. See reverse side for important information.

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EFTA00196575

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 7


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00196576



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$21,673.62</td></tr><tr><td>Securities Sold</td><td>453,203.76</td></tr><tr><td>Money Fund</td><td>15,366.68</td></tr><tr><td>Funds Deposited</td><td>19,041,875.00</td></tr><tr><td>Dividends/Interest</td><td>1,786.81</td></tr><tr><td>Amount Credited</td><td>$19,512,232.25</td></tr><tr><td>Money Fund</td><td>-18,005,366.68</td></tr><tr><td>Funds Withdrawn</td><td>-54,000.00</td></tr><tr><td>Amount Debited</td><td>$-18,059,366.68</td></tr><tr><td>Net Cash Activity</td><td>1,452,865.57</td></tr><tr><td>Closing Balance</td><td>$1,474,539.19</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>21,673.62</td><td>791,335.43</td></tr><tr><td>Margin</td><td>0.00</td><td>191,204.00</td></tr><tr><td>Short</td><td>0.00</td><td>491,999.76</td></tr><tr><td>Net Cash Balance</td><td>$21,673.62</td><td>$1,474,539.19</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>6,616.68</td><td>944,310.24</td></tr><tr><td>Credit Balance Int.</td><td>536.81</td><td>17,449.70</td></tr><tr><td>Total</td><td>$7,153.49</td><td>$961,759.94</td></tr><tr><td>Foreign Tax Withheld</td><td>0.00</td><td>-4,500.00</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>23,285,100</td></tr><tr><td>Equities</td><td>489,500</td><td>11,007,864</td></tr><tr><td>Total</td><td>$489,500</td><td>$34,292,964</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>October 26, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 29, 2002</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>October 25, 2002</td></tr></tbody></table>

Your Portfolio Allocation



11/30/02;14:25 001


Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00196577



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 7

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,474,539</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,3900%</td><td>DICXX</td><td>21,810,560.92</td><td>1.0000</td><td>21,810,561</td><td>370,780</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$23,285,100</td><td>$370,780</td><td></td></tr></tbody></table>

## EQUITIES

Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURREN YIELD ($)</th></tr></thead><tbody><tr><td>FLEXTRONICS INTERNATIONAL LTD</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>11.0100</td><td>1,101,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>13.5100</td><td>2,026,500</td><td></td><td></td></tr><tr><td>HOLLINGER INTERNATIONAL INC CL A</td><td>HLR</td><td>SHRT</td><td>-50,000</td><td>9.7900</td><td>-489,500</td><td>-10,000</td><td>2.0429</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>100,000</td><td>17.8400</td><td>1,784,000</td><td>5,000</td><td>0.2803</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>393,008</td><td>11.3900</td><td>4,476,361</td><td>628,813</td><td>14.0474</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities&amp; Options</td><td></td><td>CASH</td><td>333,334</td><td>4.8600</td><td>1,620,003</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$10,518,364</td><td>$623,813</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$994,593</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$33,803,464</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD October 26, 2002

FINANCIAL TRUST COMPANY INC

THROUGH November 29, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

027



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V638

EFTA00196578



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



5 of 7

FINANCIAL TRUST COMPANY INC



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/22/02</td><td>11/19/02</td><td>SOLD</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>UNSOLICITED<br>SHORT</td><td>HLR</td><td>-50,000</td><td>9.12440</td><td></td><td>453,203.76</td></tr><tr><td colspan="8">TOTAL</td><td>$453,203.76</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUN</th></tr></thead><tbody><tr><td>10/29/02</td><td>FND WIRED</td><td>MDA# FNDS WIRED TO AQUIRED ROYAL BANK OF CANA</td><td>27,000.00</td><td></td></tr><tr><td>11/06/02</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM GOLDMAN SACHS , CO</td><td></td><td>18,405,535.00</td></tr><tr><td>11/12/02</td><td>FND WIRED</td><td>MDA# NDS WIRED TO AQUIRED ROYAL BANK OF CANA FD</td><td>27,000.00</td><td></td></tr><tr><td>11/19/02</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM MORGAN STANLEY</td><td></td><td>636,340.00</td></tr><tr><td colspan="3">TOTAL</td><td>-54,000.00</td><td>$19,041,875.00</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>10/26/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>3,815,194.24</td><td></td><td></td><td></td></tr><tr><td>10/29/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-10,000</td><td>1.0000</td><td></td><td>10,000.00</td></tr></tbody></table>

027

EFTA00196579



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.
One Metratech Center North
Brooklyn, New York 11201-3859


6 of 7

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD October 26, 2002

## **Transaction Detail** (continued)

THROUGH November 29, 2002

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>5,366.68</td></tr><tr><td>11/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICXX</td><td>5,366.68</td><td></td><td>5,366.68</td><td></td></tr><tr><td>11/07/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>18,000,000</td><td>1.0000</td><td>18,000,000.00</td><td></td></tr><tr><td>11/29/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>21,810,560.92</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-18,005,366.68</td><td>$15,366.68</td></tr></tbody></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/04/02</td><td>TYCO INTERNATIONAL LTD<br>REC 10/01/02 PAY 11/01/02</td><td>TYC</td><td>100,000</td><td>0.0125</td><td></td><td>1,250.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,250.00</td></tr></tbody></table>



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 10/21 THRU 11/05</td><td></td><td></td><td>1.2500</td><td></td><td>11.78</td></tr><tr><td>11/21/02</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 11/06 THRU 11/20</td><td></td><td></td><td>0.7500</td><td></td><td>525.03</td></tr><tr><td colspan="6">TOTAL</td><td>$536.81</td></tr></tbody></table>

027



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EFTA00196580



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

7 of 7

## **Transaction Detail** (continued)

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/20/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>230,000.00</td><td></td></tr><tr><td>11/20/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>230,000.00</td></tr><tr><td>11/25/02</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>38,796.00</td><td></td></tr><tr><td>11/25/02</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>38,796.00</td></tr><tr><td colspan="3">TOTAL</td><td>-268,796.00</td><td>$268,796.00</td></tr></tbody></table>



******* End of Statement*******




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD October 26, 2002

THROUGH November 29, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

027



11/30/02;14:25 001